Difference between Fiscal and Calendar Type
Posted: Mon Mar 09, 2009 11:28 am
Hi can any one tell me what is difference between Fiscal and Calendar Type
Thanks
Thanks
Hello.
From the User's Guide:
The Year Type specifies whether the period is part of a fiscal or calendar year. General Ledger uses the year type to assign a year in the accounting period system name when you set up your calendar.
Choose Calendar to use the year in which an accounting period begins for the system name.
Choose Fiscal to use the year in which your fiscal year ends for the system name.
For example, assume you have a July 1 to June 30 fiscal year and the current date is July 15, 1995. If you choose the Calendar year type, General Ledger appends the year 1995 to the period name (JUL-95) because July begins in 1995. If you choose the Fiscal year type, General Ledger appends 1996 to the period name (JUL-96) because the fiscal year ends in 1996.
Using the same July to June fiscal year example, if the current date is March 15, 1995 and you choose the Fiscal year type, General Ledger appends the year 1995 to the period name because the fiscal year ends in 1995.
Octavio